IDFC Ltd said on Friday it has called off a deal to sell its securities business to The Chatterjee Group (TCG).
IDFC said in a stock-exchange filing that the deadline to complete the deal ended on June 30 and that the two companies couldn’t agree on extending the period.
IDFC had announced an agreement to sell IDFC Securities Ltd to TCG in February.
IDFC said it will continue to explore other options to divest its securities business.
It is not immediately clear whether IDFC has identified any other buyer. VCCircle contacted IDFC Securities via telephone calls for additional details on the development but did not receive any response.
VCCircle was the first to report last November that IDFC had started a process to sell its securities broking and investment banking unit as part of its plan to sell businesses not core to its lending operations.
VCCircle had also reported that ace dealmakers and industry veterans were among the first set of bidders to have expressed their interests in acquiring IDFC Securities. Last December, IDFC invited fresh bids for its securities broking unit.
Besides the securities business, IDFC had sold the private equity and real estate investment management businesses of unit IDFC Alternatives Ltd to Bahrain-based global alternative investment manager Investcorp. The deal was announced in January this year.
IDFC Alternatives also sold its infrastructure asset management business to US-based private equity firm Global Infrastructure Partners (GIP) in April last year.